Number
090321
Version
SUBSTITUTE 1
Reference
090331
Sponsor
ALD. KOVAC
Title
Substitute resolution authorizing a Riverwalk Development Agreement for the reconstruction of a Riverwalk segment adjoining the property at 1505 North Rivercenter Drive, in the 3rd Aldermanic District.
Analysis
This substitute resolution directs the City of Milwaukee to enter into a Riverwalk Development Agreement with Schlitz RiverCenter, LLC, and the Redevelopment Authority of the City of Milwaukee to share in the total cost of constructing the Riverwalk improvement with funds provided from TID No. 22.
Body
Whereas, Schlitz RiverCenter, LLC, the owner/developer (“Developer”) of the property located at 1505 North Rivercenter Drive (“Property”) desires to construct a Riverwalk along the Milwaukee River and adjacent to the Property (“Riverwalk”); and
Whereas, The Developer is willing to construct, maintain and repair the Riverwalk; and
Whereas, The City of Milwaukee (“City”) is willing to provide the Developer with certain funds from Tax Incremental District (“TID”) No. 22 (Beerline B), pursuant to the terms within a Development Agreement, a copy of which is attached to this Common Council File, in an amount not to exceed $923,000 to finance the cost of constructing the Riverwalk; and
Whereas, In consideration of City reimbursement for a portion of the construction cost of the Riverwalk, the Developer is willing to convey a non-exclusive, permanent, public-access easement to the City; and
Whereas, The City has been requested to execute and deliver that certain Riverwalk Development Agreement by and among the Developer, the Redevelopment Authority of the City of Milwaukee (“RACM”) and the City substantially in the form as submitted herewith to evidence the agreements therein contained; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are directed to execute said Riverwalk Development Agreement; and, be it
Further Resolved, That the proper City officials are directed to accept a Public Access Easement and that the Commissioner of City Development is directed to sign for acceptance of such easement; and, be it
Further Resolved, That the proper City officials, in consultation with the City Attorney’s office, are authorized to make non-substantive changes to the Riverwalk Development Agreement without further Common Council action as necessary to achieve the intent of the City’s action and to provide for construction of the Riverwalk; and, be it
Further Resolved, That the City shall make available to RACM up to $923,000 in funds from TID No. 22, as authorized in Common Council File No. 090331, to allow RACM to supply the grant and the loan to the Developer for the specified share of the cost of constructing the Riverwalk improvements.
Drafter
DCD:AR:ar
07/15/09